crw28 Feb 2012 07:09
Craneware plc
("Craneware" or the "Company")
Multi-million Dollar Channel Partner Contract Win
28 February 2012 - Craneware plc (AIM: CRW.L), the market leader in automated revenue integrity solutions for the US healthcare market, is pleased to announce a new multi-million dollar channel partner, extending Craneware's reach into Federal and State sectors for all the Craneware product families.
Although specific terms of the reseller agreement are confidential, Craneware will receive from the channel partner, guaranteed minimum payments of $7,500,000 between now and 30 June 2014. The Channel Partner will use multi-year licenses for all of the Craneware Solutions in its work with Federal and State Healthcare facilities and projects. Following the end of the minimum period, Craneware will continue to license its solutions to those facilities that have been signed during the period of the agreement and recognise revenue on a normal basis until the end of the individual multi-year contracts.
This contract is the second recent channel partner deal for Craneware in as many months, demonstrating the success of its channel partner development work. These channel partner agreements provide for guaranteed minimum levels of revenue in the current and future years and extend the Company's market opportunity. As announced in the Company's Interim Results this morning, Craneware currently has several additional large channel partner deals in process.
This new contract reinforces the Board's confidence in the value of the new Craneware InSight solutions to the Craneware suite as they have been instrumental in winning this contract.
Keith Neilson, CEO of Cranewarecommented: "We are delighted to have signed this significant new Channel Partnership, which is a strong endorsement of product families. We continue to make progress with several other large channel partner opportunities, which combined with the two announced in recent weeks further underline the Board's confidence in current and future years."
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